TREMONT ARRANGES $7.5M FINANCING FOR MOBILE HOME COMMUNITY IN MICHIGAN

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BATTLE CREEK, MICH. — The Chicago office of Tremont Realty Capital has arranged a $7.5 million loan for the acquisition of Bedford Hills MHC, a 340-site community located in Battle Creek. Tom Lorenzini of Tremont arranged the 10-year, non-recourse loan with a low 4 percent interest rate and a 30-year amortizing schedule for the borrower, Nodel and Associates. A CMBS lender provided funding for the loan. The property was 72 percent occupied at the time of closing, including more than 60 rental units. Amenities include a resident clubhouse and fully equipped playgrounds.

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